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Registration number: 06676768

Shaw Systems Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 September 2022 to 31 March 2023

 

Shaw Systems Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Shaw Systems Limited

Company Information

Directors

Mr R Shaw

Mrs SA Shaw

Registered office

Bridge House
41 Wincolmlee
Hull
East Yorkshire
HU2 8AG

 

Shaw Systems Limited

(Registration number: 06676768)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

1,717

1,735

 

1,717

1,735

Current assets

 

Stocks

4

1,500

1,500

Debtors

5

107,782

39,404

Cash at bank and in hand

 

213,982

8,745

 

323,264

49,649

Creditors: Amounts falling due within one year

6

(75,999)

(27,898)

Net current assets

 

247,265

21,751

Total assets less current liabilities

 

248,982

23,486

Creditors: Amounts falling due after more than one year

6

-

(11,308)

Net assets

 

248,982

12,178

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

248,972

12,168

Total equity

 

248,982

12,178

For the financial period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 March 2024 and signed on its behalf by:
 

 

Shaw Systems Limited

(Registration number: 06676768)
Balance Sheet as at 31 March 2023

.........................................
Mr R Shaw
Director

 

Shaw Systems Limited

Notes to the Financial Statements for the Period from 1 September 2022 to 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bridge House
41 Wincolmlee
Hull
East Yorkshire
HU2 8AG
United Kingdom

These financial statements were authorised for issue by the Board on 20 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Shaw Systems Limited

Notes to the Financial Statements for the Period from 1 September 2022 to 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Shaw Systems Limited

Notes to the Financial Statements for the Period from 1 September 2022 to 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 1 (2022 - 1).

4

Stocks

2023
£

2022
£

Other inventories

1,500

1,500

5

Debtors

Current

2023
£

2022
£

Trade debtors

13,491

-

Prepayments

466

925

Other debtors

93,825

38,479

 

107,782

39,404

 

Shaw Systems Limited

Notes to the Financial Statements for the Period from 1 September 2022 to 31 March 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

2,649

3,923

Trade creditors

 

2,016

1,557

Taxation and social security

 

61,249

14,742

Accruals and deferred income

 

1,159

3,530

Other creditors

 

8,926

4,146

 

75,999

27,898

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

-

11,308

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

11,308

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

3,923

Bank overdrafts

2,649

-

2,649

3,923

 

Shaw Systems Limited

Notes to the Financial Statements for the Period from 1 September 2022 to 31 March 2023

8

Related party transactions

Transactions with directors

2023

At 1 September 2022
£

At 31 March 2023
£

Mr R Shaw

Mr R Shaw

28,827

28,827

     
   

Mrs SA Shaw

Mrs S Shaw

9,931

9,931

     
   

 

2022

At 1 September 2021
£

Advances to director
£

Repayments by director
£

At 31 August 2022
£

Mr R Shaw

Mr R Shaw

21,168

73,155

(65,496)

28,827

         
       

Mrs SA Shaw

Mrs S Shaw

8,825

22,606

(21,500)

9,931